Is influencer marketing worth the investment?
Sponsored Instagram posts and YouTube integrations make frequent appearances in our social media feeds these days - and for good reason. Influencer marketing can be a powerful tactic to deploy alongside media relations – but is it worth the investment for your brand?
Today, we’re sharing four important things you should consider before launching an influencer marketing program. Take a read and reach out when you’re ready to kick-start a campaign of your own. We’d love to help your story shine. → plumandparcel.com/contact.
First, let’s get back to basics
What is influencer marketing, you ask? It involves engaging with social media influencers to promote your brand or service to their audiences (think: a 21st century version of traditional celebrity endorsements).
Working with influential people on social media can be an effective way to reach new audiences, increase brand awareness, and drive sales and acquisitions in a format that is trackable and measurable. Influencers work tirelessly to carve out their space across overcrowded platforms and attract a loyal and engaged follower base.
Partnering with key influencers to share a trusted, third-party opinion of your products or services (you pay for this privilege, of course) allows you to tap into that already engaged audience to share key messages, product offers, and more. When an influencer’s promotion feels authentic, their followers are more likely to convert to purchasers when someone they trust offers a glowing review of a product or service.
Consideration 1: Do you have the budget?
These days, working with influencers requires time and budget. Some up-and-coming influencers may offer to work with you at no cost in exchange for product, but for the most part you should expect to negotiate compensation, which varies widely based on:
The social platform (ie. Instagram, YouTube, Facebook, etc.)
Requested deliverables (ie. sponsored post, video integration, in-person appearance)
The influencer’s reach (ie. # of followers, engagement rate)
Whether or not the influencer has agency representation (ie. a talent agent)
Working with an agency (like Plum & Parcel!) that has established relationships with influencers and experience with rate negotiation can ensure you are getting the best value out of a potential partnership.
Consideration 2: Test small before you go big
If this is your first time engaging in influencer marketing, it’s best to start with just a few short-term partnerships before you consider ongoing opportunities with a larger group of influencers, like a brand ambassador program.
Testing the waters with just a few influencers will allow you to dig deeply into performance metrics and glean a better sense of what social audiences respond to (ie. discount codes vs product testimonials). You can then take these learnings into consideration as you expand your influencer marketing program, leading to a stronger ROI.
Consideration 3: Narrow your channel focus
With so many social platforms out there, and new opportunities popping up every day, it can start to feel like you need to be everywhere to make your mark in the social sphere.
Resist the temptation and instead take time to research the channels your key audiences are most active on (your internal social media team or agency partners can be incredibly helpful here) and focus your influencer marketing efforts accordingly.
Consideration 4: Align on your metrics of success
One of the key benefits of influencer marketing is that it will give you access to a wealth of incredibly helpful metrics to determine the effectiveness of your campaign. You can expect the influencers you work with to share the analytics behind the content they create for you - including total impressions, number of comments, and engagement rate - showcasing how your offer or brand messaging resonated with consumers. Take advantage of these metrics and use them to fuel the success of future campaigns.
See the value? Let’s ignite brand loyal audiences through influencer marketing together. Reach out → plumandparcel.com/contact.
